Leasing a condo to a new tenant can be an exciting opportunity for landlords. However, following the steps to ensure a smooth and successful transition is essential. One of these steps is your agent conducting a rental walkthrough with the new tenant. This meeting serves several primary purposes, including confirming the property's condition, receiving payments, and handing the keys to the tenant.
This article provides an overview of the rental walkthrough process and discusses what landlords can expect during this meeting:
What is a rental walkthrough?
Who attends the walkthrough?
When does the walkthrough happen?
What should a landlord do before the walkthrough?
What happens at the walkthrough?
What happens after the walkthrough?
What is a rental walkthrough?
A rental walkthrough is a process that occurs when a tenant is about to move into a new rental property. Typically, the walkthrough date happens on the day the lease starts. During this meeting, the tenant will meet with their agent and your real estate agent to inspect the property and ensure that it is in good condition and ready for the tenant to move in.
After the association has approved the tenant, your agent will schedule the walkthrough. During the rental walkthrough, the tenant can ask questions or raise any concerns about the property. The landlord, property manager, or agent will also provide the tenant with important information about the property, such as how to pay rent and make maintenance requests.
Who attends the walkthrough?
Several individuals may attend the rental walkthrough. These individuals may include:
The tenant: The person renting the condo is usually at the walkthrough. The tenant can inspect the property and ensure it meets their needs and expectations.
The tenant's agent: If the tenant works with a real estate agent, they may also attend the walkthrough. The agent can provide guidance and support to the tenant during the process.
The landlord's agent: The condo owner's agent will likely attend the walkthrough to represent the owner's interests.
Friends or family of the tenant: The tenant may bring friends or family to the walkthrough. The company of friends or family can be helpful if the tenant wants a second opinion or wants to share the experience with someone else.
It is worth noting that the condo owner can skip the walkthrough. The landlord's agent will attend the walkthrough on their behalf. However, the owner may participate in the walkthrough if they wish.
When does the walkthrough happen?
The rental walkthrough usually happens on the start date of the lease. However, in some cases, the tenant may ask to do the walkthrough before the lease day or two before the lease starts. While this may be convenient for the tenant, it can also present some risks. For example, suppose the tenant is given access to the property before the lease starts. In that case, they may cause damage to the property and claim that it was already present when they moved in.
If the landlord allows the tenant to move in early, updating the lease to reflect the new start date is essential. Updating the lease start and end date so the tenant can have early access to the condo can help avoid unnecessary problems.
Remember that the walkthrough can only happen once the condo association has approved the tenant. Some condos may take up to four weeks to approve a tenant. The lease start date must be changed if the association approves the tenant after the lease start date.
What should a landlord do before the walkthrough?
Before the final walkthrough, you will want to ensure that the condo is in the same condition as when the tenant toured the listing. Any repairs or renovations should is expected to be completed before the walkthrough. The property should also be cleaned, preferably with a professional deep cleaning.
You should also schedule the utilities to be turned off in your name a day after the lease starts. The tenant will need to be able to inspect the appliances and anything requiring power works. Also, ensuring the electricity is on helps prevent mold or smells from developing by allowing the a/c to run.
Things that the landlord may need to do before the walkthrough include the following:
Sign a funds' disbursement form if the funds were held in an escrow account.
Set up a stop date for FPL
Ensure that the apartment is move-in ready
Have the property deep cleaned
What happens during the walkthrough?
Your agent will meet with the tenant and their agent. They will inspect the condo and note any issues the landlord needs to address or document imperfections. Then the tenant will give your agent the payments for the first month, the last month, and the security deposit. Your agent's broker deducts their commission from the first month's rent, which is split with the cooperating broker.
Before the walkthrough, you should tell your agent how you want the rent to be paid and instruct your new tenant on requesting maintenance. I recommend making it easy for tenants to pay rent by accepting digital payments. Providing the tenant with a welcome letter also helps with onboarding.
List of things done during the walkthrough:
Your agent receives move-in funds
The tenant gets keys to the condo
A move-in checklist may be completed and signed by the tenant
Photos or video may be taken of the condition of the property
At this point, the agent's job has concluded unless the real estate agent also acts as the landlord's property manager. If not, all communications should be between the tenant and landlord directly. If the landlord has a property manager, the tenant will communicate with the property management company during the lease.
What happens after the walkthrough?
When the walkthrough is complete, the tenant and landlord should clearly understand what is expected of each other. The tenant will have paid the rent and security deposit and received the property keys. The tenant should take photos and document any findings during the walkthrough and after they move in. Issues typically are discovered after the tenant has settled into the apartment.
Suppose any problems arise during their tenancy, the tenant and landlord should communicate as soon as possible to try and resolve the issue. The landlord should always be available to address any concerns or problems that may come up during the lease.
Conclusion
In conclusion, conducting a rental walkthrough when leasing your condo to a new tenant is an essential step in the process. This meeting allows both parties to confirm the property's condition and ensure that it is ready for move-in. It also allows the tenant to ask questions and raise concerns about the property. Additionally, the walkthrough is when the tenant is typically required to pay the first month's rent and a security deposit.
Overall, the rental walkthrough helps to establish clear expectations between the landlord and the tenant. By conducting a thorough walkthrough, both parties will clearly understand what is expected of them during the tenancy. This helps ensure a smooth and successful rental experience for both parties.